HMRC Admin 5 Response

Hi Glenne Nelson

Please have a look at Capital Gains Tax rates and allowances, for the "annual exempt amount for other trustees".  
If the gain arising from the disposals in for the whole tax year is covered by the annual exempt allowance, then there is no tax to pay.  
If there is no tax to pay, there is nothing to declare for capital gains purposes.

Thank you

Hi Jon

No.  You cannot take deductions off the profit before declaring on your tax return.  
The guidance notes advise box 15: " Turnover is the total amount earned (traditional accounting basis) or received (cash basis) by your business before taking off any expenses."  (SA103F Notes 2024).

Thank you

Hi Eliza James

Yes that is correct.

Hi Graham Roberts

You need to ask your account provider to supply this.

Thank you

Hi Clive

This would need to be confirmed by the Trust office. They can be contacted on 0300 123 1072.

Thank you

Hi

Please refer to Director's loans

Thank you

Hi

It will be 24/25.

Hi

Yes under office expenses - Expenses if you're self-employed

Thank you

Hi

Per the DTA, -  Any annuity derived and beneficially owned by an individual (“the  annuitant”) who is a resident of a Contracting State shall be taxable only in that State.
The term ""annuity"" as used in this paragraph means a stated sum paid periodically at  stated times during the life of the annuitant, or during a specified or ascertainable  period of time, under an obligation to make the payments in return for adequate and  full consideration (other than in return for services rendered).  
As the US have deemed your payment not to meet this requirement, they have correctly taxed the payment.

 

Hi Mykola

HMRC cannot cmment on future events as legislation may change.

Thank you